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Report No. : |
303403 |
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Report Date : |
16.01.2015 |
IDENTIFICATION DETAILS
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Name : |
MAADEN WAAD AL SHAMAL PHOSPHATE COMPANY |
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Registered Office : |
Abu Baker Al Siddiq Street, 202 & 68861, Riyadh 11537, Turaif 91411 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
15.09.2007 |
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Com. Reg. No.: |
2055008906 |
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Legal Form : |
Limited Liability Company |
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LINE OF BUSINESS : |
ENGAGED IN THE MANUFACTURE OF PHOSPHATE FERTILIZERS,
DIAMMONIUM PHOSPHATES AND RELATED CHEMICAL PRODUCTS |
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No. of Employee : |
1,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SAUDI ARABIA ECONOMIC OVERVIEW
Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 16% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 80% of budget revenues, 45% of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Over 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors, while Riyadh is struggling to reduce unemployment among its own nationals. Saudi officials are particularly focused on employing its large youth population, which generally lacks the education and technical skills the private sector needs. Riyadh has substantially boosted spending on job training and education, most recently with the opening of the King Abdallah University of Science and Technology - Saudi Arabia's first co-educational university. As part of its effort to attract foreign investment, Saudi Arabia acceded to the WTO in 2005. The government has begun establishing six "economic cities" in different regions of the country to promote foreign investment and plans to spend $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia's economic development.
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Source
: CIA |
Company Name : MAADEN WAAD AL SHAMAL PHOSPHATE COMPANY
Also Known As : MAADEN PHOSPHATE COMPANY
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 15th September 2007
Commercial Registration Number : 2055008906
Issued Capital : SR 5,962,500,000
Paid up Capital : SR 5,962,500,000
Total Workforce : 1,000
Activities : Manufacturers of phosphate fertilizers, diammonium phosphates and related chemical products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME: MAADEN WAAD AL SHAMAL PHOSPHATE COMPANY
ALSO KNOWN AS: MAADEN PHOSPHATE COMPANY
Location : Abu Baker Al Siddiq Street
PO Box : 202 & 68861, Riyadh 11537
Town : Turaif 91411
Country : Saudi Arabia
Telephone : (966-11) 8748096 / 8748329 / 8748000
Facsimile : (966-11) 8748329 / 8748300
Email : info@maaden.com.sa
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Turaif.
Branch Office
(s)
Location Description
·
PO Box
11110 Office
premises
Jubail 31961
Tel: (966-13) 3426130
Fax: (966-13) 3426639
Name Position
·
Abdullah
Bin Saif Al Saif Chairman
Date of Establishment : 15th
September 2007
Legal Form :
Limited Liability Company
Commercial Reg. No. : 2055008906
Issued Capital : SR 5,962,500,000
Paid up Capital : SR 5,962,500,000
·
Saudi
Arabian Mining Company (Maaden) 60%
·
The
Mosaic Company 25%
·
Saudi
Basic Industries Corporation (SABIC) 15%
Activities: Engaged in the manufacture of phosphate
fertilizers, diammonium phosphates and related chemical
products.
On 30th June 2014, subject signed financing agreements with
the Public Investment Fund and with
commercial banks and other financial institutions for a total amount of
SR 18.9 billion without any corporate
financial guarantees. This is to fund the development and construction of
Maaden Waad Al Shamal Phosphate Project. The loans will be for a period of 16.5
years and will be repaid in semi-annual installments starting from 31 December
2018. The total cost of the project is estimated at about SR 28 billion and it
is expected to commence production in the new facilities in late 2016.
Import Countries: Europe and the Far East.
Export
Countries: Europe and GCC
countries.
Subject has a
workforce of approximately 1,000 employees.
Companies
registered in Saudi Arabia are not legally required to make their accounts
public and no financial information was released by the company or submitted by
outside sources.
·
Al
Rajhi Banking & Investment Corporation
PO Box: 28
Riyadh 11411
Tel: (966-11) 4054647 / 4054244
Fax: (966-11) 4044753 / 4052950
No complaints
regarding subject’s payments have been reported.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
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|
1 |
Rs.94.01 |
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Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.